Income Tax Judgements

Certificate under section 12 A ::

CA.Saibaburao Nanduri 04 September 2007 at 19:50

Any society merely because it has religious nature it can not be debarred from grant of registration under section 12A.

Posted in Income Tax | 117 Views

Unexplained Investments ::

CA.Saibaburao Nanduri 04 September 2007 at 19:50

The income from undisclosed sources should be assessed separately in the hands of firm and partners.

Posted in Income Tax | 121 Views

Depreciation u/s 32 ::

CA.Saibaburao Nanduri 03 September 2007 at 16:33

To claim depreciation under section 32 mere possession and use the property for the purpose of business or profession is enough

Posted in Income Tax | 128 Views

Business Income or Income from House Property ??

CA.Saibaburao Nanduri 03 September 2007 at 13:18

The primary objective of the assessee is to be seen. If the main intention is to exploit the immovable property by way of commercial activities it must be held as business income.

Posted in Income Tax | 94 Views

Capital Gain - exemption u/s 54 ::

CA.Saibaburao Nanduri 03 September 2007 at 13:18

Section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.

Posted in Income Tax | 143 Views

A.O can not be termed as erroneous simply on the basis of an opinion which is framed in the mind of the Commissioner that the conclusion is prejudicial to the interest of revenue unless there is adequate proof for that.

Posted in Income Tax | 93 Views

Validity of Block Assessment

CA.Saibaburao Nanduri 02 September 2007 at 17:46

Notice u/s 158BC is a procedural act and any mistake in such notice can be rectified u/s 292B. Hence, Block assesseement proceedings cannot be held to be void merely due to the fact that block period was mentioned wrongly in the notice and that notic

Posted in Income Tax | 80 Views

Deduction u/s 35 D

CA.Saibaburao Nanduri 02 September 2007 at 10:12

neither reserve nor the surplus of the assessee is a part of the capital employed in the business of the company.

Posted in Income Tax | 162 Views

Validity of Amendment – Arbitrary amendment - Insertion of clause (f) to s.43B

Aisha 29 August 2007 at 20:51

Validity of Amendment – Arbitrary amendment - Insertion of clause (f) to s.43B In original section 43B certain payments were held allowable only on actual payment s.43B was amended by inserting clause (f) to disallow liability towards leave encashm

Posted in Income Tax | 102 Views